X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Another company has left the UK quoted sector as Compco Holdings succumbs to a £147 million ($245 million) bid from City & General Securities. The Compco board recommended the cash offer of 393 pence ($6.50) per share, which represents a premium of 68% to the closing price on 6 May 2003, the day before City & General’s initial approach.

At a time when many property company shares are trading at a 40% discount to net asset value, the City & General offer shows a discount of just 8%. Chairman Kenneth Rubens said: “Shareholders who took shares in the June 1995 re-listing and placingof Compco shares will have seen a compound annual return of over 20%.”

And Rubens said the offer came against a deteriorating market backdrop. “The Central London office market, which remains our principal sphere ofactivity, continues to experience weakness, with an increasing supply ofavailable space and falling rent levels,” he said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.